Google announced the freshness algorithm update this morning. It's intended purpose is to provide the best results for the most recent information you're seeking.
If I search for [olympics], I probably want information about next summer’s upcoming Olympics, not the 1900 Summer Olympics (the only time my favorite sport, cricket, was played). Google Search uses a freshness algorithm, designed to give you the most up-to-date results, so even when I just type [olympics] without specifying 2012, I still find what I’m looking for.
Several searches appear as normal, in my quick review. One that stands out is a search for Las Vegas (We're attending Pubcon next week). It shows a few more universal search components (maps, images, news, etc.). One another unrelated search, I noticed that Google+ Circle information is beginning to appear next to a picture of those in my circles.
As social indicators and author rank continue to be of interest, we see the correlation of people and their interests rollout as important search factors within Google. Bing, as the decision engine, seems to be lagging behind in this space but I'm expecting more in 2012. Just a gut feel at this point.